Newark’s Two Riverfront Plaza, home of Panasonic Corp. of North America, has been sold, the developers announced Wednesday.SJP Properties and Matrix Development sold the property to an undisclosed international entity advised by Arch Street Capital Advisors LLC, they said in a news release.
A report in the Wall Street Journal said the building sold for $165 million to a Kuwait-based investment fund.
The 337,500-square-foot, 12-story building, is fully leased on a long-term basis to Panasonic, serving as the electronics giant’s U.S. headquarters.
“When we built this trophy office building three years ago, we recognized that the Newark market was on the brink of an unprecedented transformation, and that our building would be at its forefront,” Steven J. Pozycki, CEO of SJP, said in a prepared statement. “This sale reflects the unparalleled quality of this building, which resulted in tremendous interest among institutional-grade investors from all around the world, as well as Newark’s growing reputation as an established hub for global business. We’re extremely proud to have delivered a building that has helped to put this city on the radar of international investors.”
SJP and Matrix designed and built Two Riverfront for Panasonic in 2013.
“Since we acquired One Riverfront Plaza, formerly ‘The Legal Center,’ in 2001 and subsequently acquired the land now home to Two Riverfront Plaza, Matrix has been a believer and investor in Newark’s ability to serve as a premier destination for global businesses like Panasonic,” Joseph Taylor, CEO of Matrix, said in a statement. “We’ve been extraordinarily pleased to partner with SJP Properties to develop this best-in-class headquarters facility, and are now excited that CBRE has identified a top investor that recognizes this asset’s superior market position.”
The CBRE Institutional Properties team of Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz, working with Dudley Ryan of CBRE’s East Brunswick office, represented SJP and Matrix in the sale.
“The sale of Two Riverfront Plaza demonstrates the continued demand for premier office assets in urban lifestyle environments with mass transit connectivity, such as Newark,” Dunne said in a statement. “As the headquarters for Panasonic Corp. of North America, one of Newark’s most prominent corporate anchor tenants, this world-class building is well-positioned to provide the owner with long-term value.”